MANILA,
Philippines - The property unit of the Ayala conglomerate recorded another
hefty profit growth in the first quarter on the back of better performance
across all business segments.

Net income of
Ayala Land Inc. (ALI) jumped 30 percent to P2.76 billion in the first three
months compared with P2.13 billion a year ago.

Consolidated
revenues hit P18.53 billion, up 38 percent from P13.39 billion in the same
period last year.

“We are
pleased that we have sustained this quarter’s growth trajectory, even as we
embarked on new land banking initiatives which further expand our geographical
reach and will benefit ALI in the long term,” president and CEO Antonino T.
Aquino said.

ALI said
revenues from real estate and hotels, which account for bulk of consolidated
revenues, jumped 40 percent to P17.94 billion.

“Demand for
our products continues to be strong, as reflected in the bookings and sales
take-up of our recent residential launches,” said ALI chief finance officer
Jaime E. Ysmael.

“A number of
our new hotels and additional rooms in our new resorts have recently come on
stream,” Ysmael said.

The property
development segment, which includes the sale of residential lots and units, and
the sale of commercial and industrial lots, grew its revenues by more than half
to P12.11 billion from P7.75 billion a year ago.

In
particular, the residential business posted a 17-percent growth in revenues to
P8.01 billion “on the back of a 33-percent improvement in the value of bookings
across the residential brands Ayala Land Premier, Alveo, Avida and Amaia.”

In the first
quarter, the four residential brands launched a total of 4,010 units with a
total sales value of P10.1 billion.

Revenues from
the sale of commercial and industrial lots surged 348 percent to P4.1 billion
due to the sale of commercial lots in the Arca South property (Food Terminal
Inc).

ALI said
revenues of the hotels and resorts business climbed 86 percent to P1.21 billion
from P650 million a year ago “largely due to the opening of new hotels and
resorts.”

The hotels
and resorts business now operates 1,294 internationally branded hotel rooms in
Hotel InterContinental Manila, Cebu City Marriott, Fairmont Hotel and Raffles
Suites and Residences Makati, and Holiday Inn & Suites Makati; 192 island
resort rooms in Lagen, Miniloc, Apulit and Pangulasian islands in the province
of Palawan; and 515 hotel rooms under its own Seda brand in Bonifacio Global
City, Centrio Cagayan de Oro, and Abreeza Davao.

ALI’s
earnings surged 27 percent to P9.04 billion last year from P7.14 billion in the
previous year as revenues from its residential, hotel, office and commercial
projects jumped 23 percent to P54.52 billion.